Futures Close 01/04/22
USDA – Plantings
- US planting intentions for both wheat and corn in 2022 seen lower despite the high global demand, as soybeans win the battle for acres in the US.
- US farmers looking to plant their largest soybean acreage of all time – up 4% from last year at 90.955 million acres. High input prices for growing wheat and corn are seen as driving the switch – corn plantings forecast down at 89.49 million acres, 4% down from 93.35 million acres last year. Spring wheat plantings forecast down by 1.9% to 11.2 million acres – although the majority of US wheat is winter wheat, which is already in the ground putting US wheat at 47.4m acres total = 5th lowest since records began in 1919.